EXHIBIT 12.1
CIT Group Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges(dollars in millions)
| Quarters Ended | Nine Months Ended | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 30, | June 30, | September 30, | September 30, | ||||||||||||||||||||
| 2014 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Earnings: | |||||||||||||||||||||||
| Net income | $ | 514.9 | $ | 246.9 | $ | 199.6 | $ | 879.0 | $ | 545.8 | |||||||||||||
| (Benefit) provision for income taxes – continuing operations | (401.2 | ) | 18.1 | 13.2 | (369.6 | ) | 55.3 | ||||||||||||||||
| Loss (income) from discontinued operation, net of taxes | 0.5 | (51.7 | ) | (6.7 | ) | (53.5 | ) | (24.4 | ) | ||||||||||||||
| Income from continuing operations, before provision (benefit) for income taxes | 114.2 | 213.3 | 206.1 | 455.9 | 576.7 | ||||||||||||||||||
Fixed Charges: | |||||||||||||||||||||||
| Interest and debt expenses on indebtedness | 275.2 | 262.2 | 256.7 | 809.3 | 793.4 | ||||||||||||||||||
| Interest factor: one-third of rentals on real and personal properties | 1.8 | 1.6 | 1.8 | 5.3 | 6.2 | ||||||||||||||||||
| Total fixed charges for computation of ratio | 277.0 | 263.8 | 258.5 | 814.6 | 799.6 | ||||||||||||||||||
| Total earnings before provision for income taxes and fixed charges | $ | 391.2 | $ | 477.1 | $ | 464.6 | $ | 1,270.5 | $ | 1,376.3 | |||||||||||||
| Ratios of earnings to fixed charges | 1.41x | 1.81x | 1.80x | 1.56x | 1.72x | ||||||||||||||||||